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Looking For Oil Proves Costly For Terralliance

VentureWire ,

Russell Garland,

April 07, 2009,

(c) 2009 Dow Jones & Company, Inc.

As its petroleum-mapping technology proved less accurate than advertised, the company began to run out of cash despite a $250 million round in 2006. A hoped-for lifeline investment from Temasek Holdings fell through after an outside audit of Terralliance was completed.